Bithumb Wins $355,000 Hack Lawsuit

One of the clients of the South Korean exchangeBithumbclaimed that hackers stole $350,000 from hisaccountbecause of the negligence of the trading platform. He filed a lawsuit incourt, butThemistookthe side ofBithumb.Park, one of the customers of the largest South Korean cryptoexchangeBithumb, claims that last November,hackersbrokeinto his account androbbedit.Allegedly,thenhe deposited onBithumb478 million Korean won (about $350,000).But just a few hours after that, themalefactorshackedhis account, exchanged all themoneyfor Ethereum, and withdrew it from theexchange.

As a result, when Park went back to hisaccount, only a few centsremainedon it.Parkaccused Bithumb oflosinghis money andsuedthe exchange.In the lawsuit, Park stated Bithumb provides financial services, which means that it mustadhereto all security measures for financial institutions,such asbanks. And since theexchangedid not do this, he lost money.

Moreover, in April 2017,hackersmanaged to steal the personal data ofthousandsof users fromBithumb.According to Park, thenmalefactorscould getaccess to hisaccount.

Bithumbdisagreedwith Park's arguments.Accordingto the trading platform, it is not a financial institution. And after theleakageof customers' personal data, the exchangestrengthened security measures. Moreover, Park failed to prove the hackers obtained its data as a result of the spring attack onBithumb, and not because of the hacking of his mobile phone, for example. Theexchangealso sent Park 10 SMS with the notification of theexchangeand withdrawal ofmoneyfrom his account.But he did not respond to them.